Moderna reported shrinking Covid vaccine revenues, workforce reductions and tightened spending as federal contracts were canceled and product expectations cooled. The company lost a $766 million government contract canceled by HHS and has faced investor pressure as post‑pandemic sales declined and anticipated mRNA follow‑on blockbusters lagged. Executives including President Stephen Hoge framed actions around cost discipline; the company still retains cash reserves and an active oncology vaccine program but is undergoing restructuring. The developments illustrate the tough transition from pandemic‑era windfalls to sustainable, diversified mRNA pipelines. Moderna’s experience is a test case for mRNA platform companies: whether high‑velocity R&D and large-scale manufacturing can convert pandemic success into durable, multi‑asset commercial franchises.